For Many, a Boom That Wasn’t

In 2000, at the end of the previous economic expansion, the median American family made about $61,000, according to the Census Bureau’s inflation-adjusted numbers. In 2007, in what looks to have been the final year of the most recent expansion, the median family, amazingly, seems to have made less — about $60,500.

This has never happened before, at least not for as long as the government has been keeping records. In every other expansion since World War II, the buying power of most American families grew while the economy did.

More than anything else — more than even the war in Iraq — the stagnation of the great American middle-class machine explains the glum national mood today. As part of a poll that was released Wednesday, the Pew Research Center asked people how they had done over the last five years. During that time, remember, the overall economy grew every year, often at a good pace.

Yet most respondents said they had either been stuck in place or fallen backward. Pew says this is the most downbeat short-term assessment of personal progress in almost a half century of polling.

[Read](http://www.nytimes.com/2008/04/09/business/09leonhardt.html?_r=1&ex=1365480000&en=626d7623b055c755&ei=5088&partner=rssnyt&emc=rss&oref=slogin “Read the Article”) (New York Times)

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.